Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Growth in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 9,660,000 shares, a growth of 18.2% from the September 15th total of 8,170,000 shares. Based on an average daily volume of 812,600 shares, the short-interest ratio is currently 11.9 days. Approximately 13.2% of the company’s shares are sold short.

Ivanhoe Electric Price Performance

Shares of IE traded up $0.66 during mid-day trading on Wednesday, hitting $9.90. 770,374 shares of the company’s stock traded hands, compared to its average volume of 676,470. Ivanhoe Electric has a 1 year low of $6.31 and a 1 year high of $12.98. The stock has a market capitalization of $1.19 billion, a PE ratio of -9.20 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The firm had revenue of $0.54 million during the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative return on equity of 32.81% and a negative net margin of 4,142.17%. On average, equities research analysts predict that Ivanhoe Electric will post -1.39 EPS for the current year.

Analyst Upgrades and Downgrades

IE has been the subject of a number of analyst reports. Scotiabank dropped their price objective on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

Institutional Trading of Ivanhoe Electric

Hedge funds have recently made changes to their positions in the stock. MQS Management LLC bought a new stake in shares of Ivanhoe Electric during the first quarter valued at approximately $100,000. Principal Financial Group Inc. purchased a new stake in Ivanhoe Electric during the 2nd quarter valued at $106,000. ProShare Advisors LLC increased its holdings in shares of Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock worth $113,000 after purchasing an additional 1,043 shares in the last quarter. Creative Planning raised its stake in shares of Ivanhoe Electric by 33.9% in the third quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after purchasing an additional 4,644 shares during the last quarter. Finally, Capstone Investment Advisors LLC lifted its holdings in shares of Ivanhoe Electric by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 16,350 shares of the company’s stock valued at $160,000 after purchasing an additional 1,350 shares in the last quarter. 79.05% of the stock is owned by institutional investors.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.